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1920s
Commerce and Economy - The 1920s witnessed a boom in employment for women, though their occupations still fit traditional gender roles. These positions, or pink-collar jobs, were usually of a secretarial nature. Alan Brinkley, American History: Connecting with the Past, 14th Ed., Vol. 2 (New York, McGraw-Hill, 2012) 638. - In the 1920s, a serious wealth inequality existed in America despite the economic growth. Greater than 66% of Americans lived at or below what economists call a "minimum comfort level." Alan Brinkley, American History: Connecting with the Past, 14th Ed., Vol. 2 (New York, McGraw-Hill, 2012) 635. - In order to prevent worker backlash, some employers utilized a new concept called welfare capitalism, wherein employers provided certain welfare-related benefits to the workers. Henry Ford is one such example, as he provided his employees with higher pay and a shorter workweek. Alan Brinkley, American History: Connecting with the Past, 14th Ed., Vol. 2 (New York, McGraw-Hill, 2012) 635. - The standardization of the assembly line had a negative effect on skilled workers. This was a plus for employers and a negative for workers: Manufacturing productivity increased 32% between 1922-1929 while wages increased by only 8%. James P. Roark et. al, The American Promise: A Compact History, 4th ed., Vol. 2 (Boston, Bedford/St. Martin's, 2010) 573. ''- American consumerism went into full effect with the introduction of installment buying. This process allowed a consumer to purchase a new good by making a small initial payment followed by incremental monthly payments.''James P. Roark et. al, The American Promise: A Compact History, 4th ed., Vol. 2 (Boston, Bedford/St. Martin's, 2010) 575. ''- Early causes and warning signs to the Great Depression presented themselves in the late 1920s. By 1928, the previously flourishing construction industry started to decline. ''James West Davidson et al, Experience History, 2nd'' ed., Vol. 2 (Boston, McGraw Hill, 2011) 682.'' ''- Due to a significant decrease in consumer spending, business inventories saw a staggering rise. In 1928, business inventories stood at $500 million. By 1929, inventories were measured at $1.8 billion. ''James West Davidson et al, Experience History, 2nd'' ed., Vol. 2 (Boston, McGraw Hill, 2011) 682.'' ''- Black Thursday took place on October 24, 1929, when a massive number of orders to sell stock were issued by concerned investors. The result was a record $3 billion in market losses. ''James West Davidson et al, Experience History, 2nd'' ed., Vol. 2 (Boston, McGraw Hill, 2011) 681.'' - On Tuesday, October 29, 1929, the week after Black Thursday, stockholders lost $10 billion as fear spread and "New Era" optimism dwindled. James West Davidson et al, Experience History, 2nd'' ed., Vol. 2 (Boston, McGraw Hill, 2011) 681.'' ''- The economic vitality of the Roaring Twenties was clearly deteriorated by the end of the decade. During the 1920s, 6,000 banks failed and half of America's 25,000 banks were unprotected by the Federal Reserve. ''James West Davidson et al, Experience History, 2nd'' ed., Vol. 2 (Boston, McGraw Hill, 2011) 682.'' Politics and Law - Alcohol prohibition began in the 1920, but the federal government struggled to enforce the new law. The government hired a mere 1500 agents for the purpose of enforcing prohibition. Alan Brinkley, American History: Connecting with the Past, 14th Ed., Vol. 2 (New York, McGraw-Hill, 2012) 649. - The xenophobia stemming from immigration problems permeated American society and the judicial system. In 1927, Italian immigrants Nicola Sacco and Bartolomeo Vanzetti were executed for muder in what many perceived as an unfair, prejudicial verdict. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston: Bedford/St. Martins 2010) 583. Wars and Foreign Relations - The republican-led Washington D.C. of the 1920s renounced interventionism—the previous modus operandi ''for American foreign policymakers. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 572. - The United States, in lockstep with its newfound non-internationalist ideology, refused membership in the League of Nations. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 572. - Though the decade was marked by deft, pro-business policies generated by republican administrations, notable foreign policy accomplishments also occurred. The Five Power Naval Treaty of 1922 sought international peace through reducing naval powers. Britain, France, Japan, Italy and the United States participated in reducing their warship fleets. ''James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 572. - In order to reduce the risk of a return to war, American business leaders established the Dawes Plan in 1924, reducing Germany's reparation cost and injecting the dismal German economy with American loans. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 572. - Though the U.S. aided Germany through the enactment of the Dawes Plan, the White House demanded the repayment of Allied war loans, complicating an already complex system of debt and further damaging the European economy. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 586. - To further complicate the debt mess created by war loan, American banks agreed to finance foreign customers seeking to buy American goods. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 586. - In an effort to improve domestic businesses, America instituted tariffs preventing foreign countries from selling goods to U.S. citizens. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 586. - The decrease in trade caused by American tariffs led to less European capital, wherein foreign countries had less purchasing power for American goods. James L. Roark et al, American Promise: A Compact History, 4th Ed., Vol. 2, (Boston, Bedford/St. Martins 2010) 586. Category:Politics and Law Category:Culture and Society Category:Wars and Foreign Relations Category:Commerce and Economy Category:Science and Technology